PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1329777
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1329777
The Cancer Biomarkers Market size is expected to grow from USD 20.69 billion in 2023 to USD 37.18 billion by 2028, at a CAGR of 12.43% during the forecast period (2023-2028).
The COVID-19 pandemic had an adverse impact on the cancer biomarkers market owing to the interrupted research and development activities during this period. For instance, according to an article published by the National Center for Biotechnology Information, in September 2021, the United Kingdom postponed routine screening for cancer in response to the COVID-19 pandemic. Thus, such instances hindered the market's growth in the initial phase of the outbreak. However, the market is gaining traction as diagnostic, and surgery centers are resuming their practices to pre-pandemic levels along with the initiatives such as acquisitions by key market players. For instance, in November 2022, Biocare Medical, a leading provider of innovative, automated immunohistochemistry (IHC) and FISH (Fluorescent in situ hybridization) instrumentation and reagents, acquired Empire Genomics, a market leader in molecular biomarkers to aid in cancer research and diagnostics. Thus, initiatives such as acquisitions are expected to increase market growth over the forecast period.
Certain factors driving market growth include increased cancer incidence globally and higher acceptance of cancer treatments in developing regions; a paradigm shift in healthcare from disease diagnosis to risk assessment or early diagnosis; and increased use of biomarkers in drug development. For instance, in the Cancer Facts & Figures 2022 data published by the American Cancer Society, there will be an estimated 1.9 million new cancer cases diagnosed in the United States (US) in 2022. Further, as per the GLOBOCAN 2020 report, the number of new cancer cases is expected to reach 24,044,406 by 2030, which shows an increasing prevalence of cancer around the globe. Thus, the increasing prevalence of cancer is expected to increase the demand for its early diagnosis as cancer treatment is much more cost-effective and successful at early stages. Hence, early diagnosis of cancer is expected to increase the adoption of cancer biomarkers which is expected to increase the market growth.
Moreover, strategic developments undertaken by market players are also anticipated to bolster the market's growth over the analysis period. For instance, in March 2022, Vela Diagnostics released new next-generation sequencing (NGS)-based panels to detect RNA and DNA cancer biomarkers from formalin-fixed paraffin-embedded (FFPE) tissue specimens. The panels are focused (60 genes) and comprehensive (525 genes). The OncoKey SL 60 Plus Panel is a targeted pan-cancer gene panel, while the OncoKey SL 525 Plus Panel is a comprehensive pan-cancer gene panel. Similarly, collaboration, mergers, and acquisitions within the industry are expected to boost the market over the forecasted period. For instance, in June 2021, Medable teamed up with Aural Analytics to evaluate remote data capture and digital biomarkers in cancer patients as part of its cancer moonshot work. This partnership included tracking of speech and language-based information about motor, cognitive and respiratory functions combined with the analysis of objective outcomes data to increase the measurement of patients through digital biomarkers. This is expected to increase the constant monitoring to understand the disease, which would provide better treatment and thus is expected to increase the market growth.
Thus, due to the above factors, such as the increasing prevalence of cancer and product launches, the market is expected to see robust growth during the forecast period. However, the high cost of products and reimbursement issues restrain the market studied.
Lung cancer is caused by the uncontrolled growth of abnormal cells that multiply in one or both lungs. Although it can affect people who have never smoked, people who have smoked have the highest risk of lung cancer. The risk of lung cancer increases with the duration and number of cigarettes that the patient smokes.
The primary factors driving the growth of this segment are the rising prevalence and incidence of lung cancer. For instance, the American Cancer Society's estimates for lung cancer in the United States for 2022 are that around 236,740 new cases of lung cancer, including 117,910 in men and 118,830 in women, are expected to be diagnosed. The increasing prevalence of lung cancer is expected to increase the adoption of cancer biomarkers for the diagnosis of such diseases, which is expected to increase market growth over the forecast period.
Likewise, strategic initiatives undertaken by companies operational in the market are expected to impel the segment's growth. For instance, in April 2021, Amgen launched Biomarker Assist, an initiative intended to make biomarker testing more accessible to patients with metastatic (stage IV) non-small cell lung cancer (NSCLC). Biomarker Assist can help eligible patients save money on biomarker testing. Moreover, with such a high incidence rate of lung cancer and the launches by key market players, the demand for diagnostic devices is exected to increase, in turn, leading to the growth of this segment in the years to come.
North America is expected to hold a significant share of the cancer biomarkers market. Factors such as the increasing prevalence of cancer coupled with initiatives by key market players are expected to increase market growth over the forecast period. The United States has witnessed a considerable rise in the number of cancer patients. Breast cancer can occur both in men and women. However, it is mostly found among females, and the occurrence of male breast cancer is very rare. For instance, according to the data provided by Breastcancer.org, in March 2022, an estimated 287,850 new cases of invasive breast cancer are expected to be diagnosed in women in the United States, along with 51,400 new cases of non-invasive (in situ) breast cancer in 2022. Similarly, as per the Canadian Cancer Statistics 2021 released in November 2021, an estimated 229,200 Canadians were diagnosed with cancer in 2021. The increasing number of cancer cases is expected to increase the adoption of cancer biomarkers for diagnosis, which is expected to increase market growth over the forecast period.
The availability of funds from various organizations, such as the National Institute of Health, has provided the potential for researchers to invest more in the use of biomarkers in drug discovery, drug development, the detection of specific tumors, monitoring biological response to cancer therapy, and genetic studies for the identification of predisposed candidates for cancer.
Additionally, the high concentration of key players in North America, increasing United States Food and Drug Administration approvals strategic alliances, and high investment in research and development activities are expected to boost the market in the region. For instance, in April 2022, researchers at Clarkson University in New York discovered a set of protein biomarkers that could be used to screen for breast cancer in breast milk or blood serum. The biomarkers were discovered for a kind of cancer termed invasive ductal carcinoma (IDC), which is one of the most common types of breast cancer. The researchers claim, however, that their method might be applied to find biomarkers for different types of breast cancer as well.
Thus, due to the aforementioned factors, such as the high incidence rate of cancer cases and the launches by key market players, the cancer biomarkers market is expected to grow over the coming years in the North American region.
The cancer biomarkers market is highly competitive and consists of a few major players. Some of the companies which are currently dominating the market are 23andMe, Abbott Laboratories Inc., Agilent Technologies, Ambry Genetics, Biomerieux, Celera Corporation (Quest Diagnostics), F. Hoffmann-La Roche Ltd, Hologic Inc., Illumina Inc., and Thermo Fisher Scientific, among others, hold substantial shares in the market.